The State Bank of Pakistan (SBP) is poised to issue new currency notes and will move forward immediately after receiving the cabinet’s approval. While the news is welcomed across the board, there are fears as to what will happen to the currency notes currently in circulation.
In this regard, the government has clarified that old currency notes will continue to remain in circulation even after the issuance of new currency notes and will not be withdrawn immediately. Instead, the replacement of existing notes will be carried out in a phased manner to ensure a smooth transition for the public.
According to official sources, the Government of Pakistan has decided to introduce newly designed currency notes in all denominations ranging from Rs 10 to Rs 5,000. These notes will feature modern and enhanced security features aimed at making financial transactions safer and reducing counterfeiting. In addition, work is underway to introduce polymer (plastic) currency notes for the first time in the country.
Sources said that once the new notes are issued, old currency notes will remain usable for a specified period. A clear timeline will be announced, under which citizens will be able to deposit old notes at banks and obtain new ones. Comprehensive instructions will be issued to all commercial banks and the State Bank of Pakistan (SBP) to manage the exchange process smoothly.
Officials indicated that the newly designed currency notes are expected to be introduced during the year 2026. At present, approximately Rs 10,260 billion worth of currency is in circulation across the country, making a gradual and well-managed replacement process essential.
Meanwhile, progress on the introduction of new currency notes is nearing its final stages. Sources said that the Security Printing Corporation has completed preparations and developed the new notes with advanced security features. However, the final designs are still awaiting approval from the federal government.
Amir Shams, Senior Manager Printing at the Security Printing Corporation, confirmed that consultations have been held with the State Bank regarding the printing process. He said that once the designs are approved, printing could be completed within about two months, as modern machinery is already in place.
According to sources, the SBP has shortlisted the final designs and forwarded them to the federal government for approval. The official order to begin printing will be issued only after clearance from the federal cabinet. A cabinet committee has also been formed to review and finalize the designs.
Officials added that the new currency notes may be issued either in phases or as a complete set of all denominations, a decision that is still under consideration. If approved by the cabinet, the new notes could begin circulating by the end of 2026, marking a significant shift in Pakistan’s monetary system.
Authorities say the move will strengthen currency security, improve public confidence, and make financial transactions more efficient and secure across the country.
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